I meant to take the weekend off, but the mails I am getting are heartbreaking, maddening, incredible, and really to some extent, close to beyond the pale. As more people are beginning to open up with their situations to Vuebuyer10@yahoo.com, I am able to connect the dots.
I don’t have perfect information. Only MCL and the sales office knows the full story. All I can do is work with people that I hear from; research information that is on the Internet, and make inferences. I am almost apologetic in saying that I am afraid so far all my worst inferences are turning out to be correct.
Here is what I know as of this morning. I have enough feedback in to know that working 1 on 1 is indeed saying you will go face what one buyer called “the firing squad” unaccompanied. There has been ZERO flexibility in price so far that I know of, as evidenced by the note below. And I haven’t heard of any customer service wins dealing with MCL so far. In other words, I have a few 1 on 1 nightmares in my inbox, no success stories.
A comment just came in that says as of 9/30, there has been only 1 closing so far as per the sales office. [I was told this was incorrect, that there were 2] I received the mail below just now from a reader, and am posting it immediately even though I haven’t had time to do a little follow-up. It is from a broker to some clients.
My plea is that all pre-sales buyers be prepared to share their situation and any broker updates or legal updates so that all can benefit.
Unfortunately I am afraid to say all the concerns of the blog are moving towards being accurate: the collapse in prices; the hard, inflexibile edge of MCL; and real estate in uptown possibly having its signature building fail. I realize this is an extreme statement and I pray that it is wrong. MCL needs to communicate with us immediately if it is incorrect. The black hole of communication is not healthy for any of us.
I ask all that can please communicate either in comments on the blog or with firstname.lastname@example.org so that we can help each other through what is going to be a very difficult period. I will most likely not be able to respond to anyone until late tonight or tomorrow afternoon. I will not be able to monitor or approve comments so don’t be discouraged if you write something and it doesn’t appear until later tonight.
Letter from broker that was forwarded to me. This was sent to the pre-sales buyer late Friday:
Hi All. I hope this doesn’t come across as impersonal, but wanted to send this out to a few people quickly, hence the ‘group’ email Just wanted to let you know that they are working on financed closings at the Vue. An early contract holder just received his appraisal back and I want to pass on the details, for what it is worth. Unit was a 2 story loft, 4th floor [this is a typo, it is above the 10th floor, there are no units of this configuration on the 4th], contracted at $419,000 and listed by the developer as 1180 square feet. His lender is Wells Fargo, although I am not sure if it was the individual specified in the Vue’s preferred lender list (that should not matter). Appraisal came back at $265,000 (37% below contract price). The appraisal also noted that the condo measured in at 1044 square feet (11.5% smaller than listed) I have also now heard from a couple of people that the developer is NOT budging on price in individual negotiations. I will continue to keep you posted as I hear more news.